Tourism and Co.

What figures reveal about Tyrol’s economy

While tourism enjoyed an increase, Tyrolean industry sold less in 2023 than in the previous year.

(Bild: Christof Birbaumer/APA/Barbara Gindl/Krone KREATIV)

The latest figures from the state statistics show how the Tyrolean economy is doing. In short: industry is weakening, tourism is growing, unemployment is low and housing is still expensive.

The Tyrolean state statistics also record the state of the economy in the state. While the population has grown(the "Krone" reported), 2023 was a rather mixed year economically.

Tyrolean industry sold 13.8 billion euros last year - four percent less than in 2022. The timber industry recorded a particularly sharp decline (-17.5%). Only the food and luxury food sector (+6.8%) and the electrical and electronics industry (+8.6%) achieved an increase in sales. Export figures also fell by 2.6%.

With 413 employer companies in the industry, there were also fewer in 2023 than in 2022. The number of training companies, on the other hand, rose to 96.

Symbolic image

(Bild: IV Tirol)

Good year for tourism, around 14,700 unemployed
Tourism fared better: This recorded an increase of 11.8% with 48.5 million overnight stays. More than half of the guests came from Germany, followed by the Netherlands, Austria, Switzerland and Liechtenstein. Tourism generated 3.4 billion euros in revenue in 2023. The average price for an overnight stay (including breakfast) was 81.32 euros in winter 2022/23 and 61.08 euros in summer 2023 - an increase of around 3.5% in each case.

The Tyrolean unemployment rate averaged 3.9% in 2023, with 14,664 unemployed people compared to 356,604 employees and 47,000 self-employed people. At the same time, AMS Tirol recorded an average of 8025 job vacancies.

Gas as a price driver, fuel as a price damper
Inflation remains a major issue in Tirol. The main price drivers in 2023 were gas and district heating, which each rose by around 58%. By contrast, fuel, heating oil, electricity and mobile telephony acted as price dampers - they became cheaper.

The same cannot be said of property prices: the median price for an apartment in Tyrol in 2023 was EUR 4.80 per square meter, and EUR 4.92 for a residential building.